Fidelis Insurance Holdings, a global provider of specialty insurance and property reinsurance, announced terms for its IPO on Tuesday.
The Pembroke, Bermuda-based company plans to raise $298 million by offering 17 million shares (66% secondary) at a price range of $16 to $19. At the midpoint of the proposed range, Fidelis Insurance Holdings would command a fully diluted market value of $2.1 billion.
Fidelis provides specialty insurance and property reinsurance, with operations in Bermuda, Ireland, and the UK. The company completed its initial funding and began underwriting business in 2015. In January 2023, Fidelis' operations were split into two distinct holding companies: FIHL, Current Fidelis' parent, and MGU HoldCo, the holding company for the managing general underwriting platform that carries on Current Fidelis' origination and underwriting activities.
Fidelis Insurance Holdings was founded in 2014 and booked $3.3 billion in revenue for the 12 months ended March 31, 2023. It plans to list on the NYSE under the symbol FIHL. J.P. Morgan, Barclays, Jefferies, Keefe Bruyette Woods, BMO Capital Markets, Citi, and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of June 26, 2023.
